How often do you think celebrities think about estate planning? If you guessed “never,” then you would be close. The truth is, this is one area of celebrities’ lives that many of them overlook. When you are busy being famous, sometimes it can be easy to do.
This is where entertainment lawyers like John Branca Attorney come into the picture. According to John, there are numerous benefits for celebrities to begin thinking about their estate plans early. For a closer look, consider this.
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Business Continues After Celebrities Die
In a recent Harvard interview, John Branca Attorney explained how the entertainment business goes on after a celebrity passes away. This, according to John, is the main reason that estate planning is so critical to celebrities. This is what he has to say:
Although most famous individuals may not think of themselves as “businesses” while they are living their lives, the fact is no less true. Even if a celebrity does not want to be a business, any famous person who sells merchandise essentially has their own brand. In most cases, that brand continues even after death.
Intestate Succession Laws Go Into Effect When There Is No Will
Without estate planning, many celebrities run into the situation where there is no will after they pass away. When this happens, intestate succession laws go into effect in whatever state the person’s residence is in. In a nutshell, this means that the court will look at all of the assets and relationships in a situation and make a decision accordingly.
Sometimes, this may not be a bad thing, but other times, intestate succession laws can lead to the court handling a person’s estate in a way that is against his or her wishes. If you have particular plans for what you want to do with your money after you are gone, estate planning is an essential component to consider when looking at entertainment lawyers.
Many Celebrities Overlook the Need for Estate Planning
Despite the importance of estate planning, the fact remains that many celebrities nonetheless overlook the need to invest time in it. When Prince passed away, for example, he had no will, so the court appointed the bank to his estate. As John Branca Attorney explains, this can be an unfortunate situation if the bank ends up going against a person’s wishes.
At the end of the day, celebrities need to make time for estate planning when they are considering all of the aspects of entertainment law that impact them. Without a doubt, it can have a big role on the future even after you are gone.